1) These financial statement items are for Crane Company at year end, July 31, 2021.

Salaries payable		$1,960		Notes payable (long-term)		$1,760
Salaries expense		49,300		Cash		13,600
Utilities expense		21,900		Accounts receivable		9,650
Equipment		34,350		Accumulated depreciationequipment		5,960
Accounts payable		4,070		D. Crane, drawings		3,000
Service revenue		62,600		Depreciation expense		4,090
Rent revenue		7,900		D. Crane, capital (beginning of the year)		51,640

(a1)

Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

2)

Wildhorse Paintball records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended June 30, 2021.

1.		Wildhorse Paintball has a 6% note payable with its bank for $39,600. Interest is payable on a monthly basis on the first of the month.
2.		Wildhorse Paintball is open seven days a week and employees are paid a total of $3,850 every Monday for a seven-day (MondaySunday) workweek. June 30, 2021, is a Wednesday so employees will have worked three days (MondayWednesday) before the year end that they have not been paid for as at June 30. Employees will be paid next on Monday, July 5, 2021.
3.		Wildhorse Paintball receives a commission from Pizza Shop next door for all pizzas sold to customers using the Wildhorse Paintball facility. The amount owing for June is $420, which Pizza Shop will pay on July 7, 2021.
4.		The June utility bill for $350 was unrecorded on June 30. Wildhorse Paintball paid the bill on July 9, 2021.
5.		Wildhorse Paintball sold some equipment on June 1, 2021, in exchange for a $8,400, 4% note receivable. The principal and interest are due on September 1, 2021.

For each of the above items, prepare the adjusting entry required at June 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	June 30	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
2.	June 30	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
3.	June 30	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
4.	June 30	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
5.	June 30	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount

For each of the above items, prepare the journal entry to record the related cash transaction in the 2022 fiscal year. Assume all payments and receipts are made as indicated. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date July 1July 5July 7July 9Sept. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
July 5	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date July 1July 5July 7July 9Sept. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date July 1July 5July 7July 9Sept. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date July 1July 5July 7July 9Sept. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount